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London prices rebound

Kensington and Chelsea house prices have shown prominent rises of between 5% and 9% compared to the first half of 2008, according to Hamptons International.

Despite limited property supply affecting the whole of the UK, it is more acute in prime areas of London – with 22% of the London postcodes surveyed witnessing an increase in average asking prices year on year. At the opposite end of the spectrum, outlying areas have suffered the most with asking prices in SE22, SW18, SE21, W14 down between -18% and -16% on the previous year. Of the London postcodes surveyed, 78% have lower asking prices in early 2009.

Prices vary from W1 at £1346 psf to SE19 at £281 psf in the early part of 2009. On average across the London areas surveyed the average asking price in early 2009 was £653 psf.

Marc Goldberg, head of sales, Hamptons International, said, ‘The rise in prime London asking prices is attributable to a more acute imbalance between supply and demand; coupled with rising consumer confidence, illustrated by the growing number of applicants. We are also seeing growing demand for good quality property from international investors looking to capitalise on increasingly advantageous market conditions.’

With 9 buyers to every seller in June 2009 (compared with 5 buyers per seller in June 2008) the requirement for new stock is evident.

MGoldberg continues, ‘Rising asking prices are a sign that the market is in recovery and if the stock shortage persists, this trend will impact all postcodes throughout London.’

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